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The holiday season, once marked by bustling malls, has transformed into an online frenzy of clicks and carts. But while shoppers hunt for deals, fraudsters are hunting for profits...
After extensive research and product testing, KuppingerCole Analysts named Transmit Security a leader in three categories: ‘Overall Leader,’ ‘Innovation Leader’ and ‘Product Leader’ in the Fraud Reduction Intelligence Platforms Leadership Compass 2023. We are greatly honored by this distinction and will keep innovating to protect companies from the growing volume of fraud that targets customer-facing apps, services and accounts.
At Transmit Security, we value independent analyst research and take it seriously. In-depth, unbiased reports on cybersecurity and identity management give industry leaders, like you, critical insights that help move your tactics and strategies forward. Ranking reports, in particular, help you assess and compare solutions.
With this purpose core to their mission, KuppingerCole Analysts performed detailed comparisons of the industry’s leading Fraud, Risk and Intelligence Platforms (FRIP), which are now a critical component of customer identity and access management (CIAM). Born of necessity, FRIP solutions are essential to detect and mitigate account takeover (ATO) and new account fraud (NAF), also known as account opening (AO) fraud.
Director of Cybersecurity Research and Lead Analyst at KuppingerCole John Tolbert writes, “The Transmit Security Platform has support for standards that boosts its interoperability and makes it easy to deploy. Organizations in…finance, banking, insurance and retail should have Transmit Security on their shortlist for evaluation for FRIP services.”
We encourage you to read KuppingerCole’s full 107-page Leadership Compass report, or keep reading to get our synopsis and interpretation of what this means for you. In this article, we’ll share KuppingerCole’s insights on the state of fraud and what’s needed in a complete FRIP solution. But first, why should you care?
In the report, Tolbert states, “Fraud is a major cost to businesses worldwide and…fraud perpetrators are continually diversifying and innovating their Tactics, Techniques, and Procedures (TTPs).” When it comes to account opening fraud, he says bad actors are using stolen identities or piecing together personal information to create synthetic IDs. He explains, “Such fraudulently created accounts can be more difficult to detect, which is an advantage for the attackers.”
Taking over existing customer accounts can be equally deceptive, given that fraudsters often login with the customer’s correct username and password. On the surface, they appear to be your trusted customer. This is why behavioral biometrics and device fingerprinting have become essential — to detect unusual behavior that doesn’t match the individual customer’s typical behavior. These are key components of a complete FRIP solution, but much more is needed.
As it pertains to inclusion criteria for the Leadership Compass report, and more specifically, critical capabilities of FRIP, KuppingerCole highlights the six major functions:
Image courtesy KuppingerCole Analysts: Fraud Reduction Intelligence Platforms Leadership Compass 2023.
KuppingerCole states, “[Transmit Security] Detection and Response Service contains functionality in all the FRIP component areas defined above.” The section on Transmit Security (page 94) highlights device intelligence capabilities, which examine geo-location and geo-velocity, IP address, reputation and more. Our privacy-age device fingerprinting is able to detect device spoofing, virtual machines, session hijacking, device takeover and remote access tools, among other risks. KuppingerCole also points out that Transmit Security can detect known users on new devices, and user behavioral analysis (UBA) is able to see login and transaction patterns.
The report highlights our bot detection capabilities, strengthened by behavioral biometrics, UBA and device intelligence. “Transmit Security has multiple bot management options including allow- and deny-listing, challenging, throttling and redirecting bots. The Transmit Security Platform prevents…bot-initiated fraud types that commonly interrupt ecommerce and finance sites such as inventory hoarding, headless browsers, malicious ad insertion, account creation and credential stuffing bots, ticket scalping, gift card cracking, fake goods/job postings, and Authorized Push Payment fraud.”
Here’s a snapshot of Transmit Security’s offering across a number of dimensions — from security to usability. We are honored to see our top scores across the board!
Image courtesy KuppingerCole Analysts: Fraud Reduction Intelligence Platforms Leadership Compass 2023.
The FRIP report lists Transmit Security’s strong suits — quote —
Strengths
Powered by machine learning and AI, Transmit Security Detection and Response continually monitors activity to assess risk, trust, fraud, bots and behavior. Embedded orchestration correlates data, analyzing hundreds of signals to assess risk and trust within the full context of all that’s happening. Accurate, context-aware recommendations enable you to adapt to risk and trust in real time. Behavioral biometrics and device fingerprinting allow you to remove friction for trusted customers.
From a Transmit Security perspective, the six major capabilities not only align with our Detection and Response Service, but also the Transmit Security Platform as a whole. Identity-security doesn’t end when a user is onboarded, credentialed and has MFA enabled. CIAM is now much broader than that — out of necessity. ATO and NAF can lead to card-not-present fraud, mule accounts, fraudulent money transfers and other costly scams. And these attacks can happen at any point across the digital identity lifecycle. It’s simply essential to secure account opening, on-going access, account resets, active user sessions and transactions.
KuppingerCole recognizes the need to secure customer onboarding and high-stakes transactions. The report states, “Vendor solutions exhibit an increased emphasis on providing identity proofing services, either within their platforms or through OEM or technical partnerships.”
From our perspective, it’s absolutely essential and why we’ve taken identity proofing to the next level:
Identity-security solutions that span the full identity lifecycle are now a requirement for any business to keep up with the threat landscape. Legacy identity and bolt-on solutions will not scale or keep up with growing demands. It’s exactly why Transmit Security has fused cybersecurity with identity and access management — across the identity lifecycle.
We’ve focused on fraud reduction intelligence since day one, and we’re honored that KuppingerCole has recognized us as a leader in Fraud Reduction Intelligence. Explore how Transmit Security Detection and Response delivers next-level fraud prevention.
